The full form of FCNR account is Foreign Currency Non Resident Account. So, looking at the full form I hope you can understand who can be open FCNR account. Fixed deposits in India provide the highest interest rates than other countries around the world. So, if you are an Indian living outside the country for many years and became a Non-resident you can benefit from the interest rate easily.
Get home loans without putting extra effort from your preferred bank from NoBrokerWhat I like about this fixed deposit account is that you don't need to pay a tax fee. Yes, FCNR is 100% tax-free in India. Therefore most NRIs opt for this feature. It is the safest investment option which offers reasonable returns on the interest rate. Now that we have learnt about who can open FCNR account, let us understand how to open FCNR account.
How to open an FCNR account?
Keep the important documents such as identity, address, and residential documents ready. Get each copy attested by the bank or Indian embassy of your country.
Fill out the account opening form and submit the attested copy along with the account opening form. Generally, all the banks provide the facility to open FCNR account.
Before wrapping up I would again like to tell you that you can open an FCNR account if you are an NRI (Non-Indian Resident) or PIO (Person of Indian Origin). Banks can ask for other documents to prove your identity, address or employment status. So, be ready for it!
This was all about who can be open FCNR account in a nutshell. I hope you find this informative.
Read more:
Can NRI Get Aadhar Card?
Can NRI Open PPF Account?
Difference Between NRI And OCI
What Is The Difference Between NRI And NRE?
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Who can open FCNR account?
Sanjib
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2022-05-17T10:20:47+00:00 2022-05-17T10:39:57+00:00Comment
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